We All Use Blockchain & AI in Our Everyday Lives: Often Without Realizing it

We All Use Blockchain & AI in Our Everyday Lives: Often Without Realizing it

Technologies such as blockchain, artificial intelligence (AI), and metaverse have become part and parcel of our lives today - often, we don’t realize it. For instance, we all utilize e-commerce platforms like Amazon (NASDAQ:AMZN), and behind Amazon’s recommendations on products and personalized shopping experiences for us, there is an AI that analyzes data to enhance our experience. Well, how about the scrolls that we do on our Instagram and the reels that are curated based on our likes, comments, and shares? The AI algorithms again curate our feed, suggest content, and even moderate posts. AI is all intangible, but it shapes our social media and digital experience.

Now comes the decentralized technology, blockchain: How about pursuing online payment via banking and payment applications like PayCircle, PayPal (NASDAQ:PYPL), or other digital wallets? Let us consider PayCircle. It's a DeFi payments application built on the blockchain protocol, Diamante Net, and AI. So when you send or receive money, behind the scenes, there is this L1 hybrid blockchain network that ensures your transaction is secure, transparent, and recorded in a tamper-proof ledger. It also enables you to split and schedule payments or set up recurring payments. The payment application also offers AI-curated rewards and cashbacks for every transaction conducted through the PayCircle app.

The Role of Blockchain & AI in Everyday Transactions

The prime example that I could mention at the moment is Diamante. Its robust blockchain technology, Diamante Net, is a fourth-generation, layer 1 hybrid blockchain protocol. It provides the foundation for a wide range of applications that individuals and businesses might be using daily without even realizing it. Most of its products and applications, which are in the beta stage of development, are built on top of AI and blockchain.

For businesses, Diamante is developing NodeHRM and ChainCRM tools. The former is to streamline HR tasks, gather employee data, track attendance, and assess employee performance. The later is to boost business-customer relationships, gather customer data, and improve sales automation features. All of this is backed by blockchain technology, and it is good to know that everything is decentralized.

“Whether for finance, supply chain management, digital identity, or trading, Diamante provides a seamless and secure platform that integrates effortlessly into any realm of business,” says Co-founder & COO of Diamante, Chirag Jetani. He added that the network’s scalability and interoperability features are capable of handling around 10 million transactions a day with impressive speed and low latency. “The integration of diverse interoperability solutions, such as the Sync Bridge and Binance Greenfield Chain, further sets us apart,” he stated.

Technical Side of the Diamante Net

Diamante Net Consensus Protocol (DCP) is a robust framework engineered to foster agreement among nodes and fortify the network's integrity. Unlike traditional consensus mechanisms like Proof of Stake (PoS) or Proof of Work (PoW), the Federated Byzantine Agreement (FBA) works on the consensus of trusted nodes rather than computational or staking power. This results in open network membership, allowing anyone to become a part of the core node and contribute to the network of decentralized control.

The DCP prioritizes three vital properties of consensus mechanisms: fault tolerance, safety, and liveness. This ensures network resilience even in the case of node failures or malicious attacks. Quorum sets, thresholds and quorum slices, and node blocking sets are the key components of DCP. These functions enable the selection of a trusted set of nodes, establish a threshold dictating the minimum number of agreeing nodes required for consensus, and possess the ability to impede consensus by preventing agreement among nodes.

End note

To summarize its consensus mechanism, Diamante Net relies on trusted nodes rather than computational power or staking. This approach emphasizes fault tolerance and safety, making it suitable for applications where reliability becomes the priority.